Fred Alger Management LLC Sells 4,874 Shares of FirstService Co. (NASDAQ:FSV)

Fred Alger Management LLC decreased its holdings in FirstService Co. (NASDAQ:FSV) (TSE:FSV) by 0.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 749,888 shares of the financial services provider’s stock after selling 4,874 shares during the quarter. Fred Alger Management LLC’s holdings in FirstService were worth $136,825,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Benjamin Edwards Inc. increased its position in FirstService by 35.0% during the 2nd quarter. Benjamin Edwards Inc. now owns 351 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 91 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of FirstService by 20.5% during the second quarter. Fifth Third Bancorp now owns 634 shares of the financial services provider’s stock worth $97,000 after buying an additional 108 shares in the last quarter. Raymond James Trust N.A. lifted its stake in shares of FirstService by 3.2% in the 3rd quarter. Raymond James Trust N.A. now owns 3,523 shares of the financial services provider’s stock valued at $643,000 after acquiring an additional 110 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of FirstService by 49.6% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 416 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 138 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in FirstService by 40.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 488 shares of the financial services provider’s stock worth $74,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 69.35% of the company’s stock.

FirstService Stock Performance

NASDAQ:FSV opened at $194.80 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.79 and a current ratio of 1.79. FirstService Co. has a fifty-two week low of $141.26 and a fifty-two week high of $197.84. The company has a 50 day simple moving average of $186.05 and a two-hundred day simple moving average of $170.73. The company has a market capitalization of $8.79 billion, a PE ratio of 81.17 and a beta of 1.05.

FirstService (NASDAQ:FSV) (TSE:FSV) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.21. FirstService had a net margin of 2.19% and a return on equity of 16.68%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted $1.18 EPS. The company’s quarterly revenue was up 25.0% on a year-over-year basis. Research analysts anticipate that FirstService Co. will post 4.58 earnings per share for the current year.

FirstService Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Monday, September 30th. FirstService’s dividend payout ratio (DPR) is presently 41.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FSV shares. Scotiabank lifted their price target on FirstService from $190.00 to $200.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 15th. StockNews.com upgraded shares of FirstService from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Stifel Nicolaus boosted their target price on shares of FirstService from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, TD Securities raised their price target on shares of FirstService from $179.00 to $182.00 and gave the company a “hold” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $198.33.

FirstService Profile

FirstService Corporation, together with its subsidiaries, provides residential property management and other essential property services to residential and commercial customers in the United States and Canada. It operates through two segments: FirstService Residential and FirstService Brands. The FirstService Residential segment offers services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments.